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Two reasons.

One, they make great games.

Two, they are extremely lucky.

The first one is easy to understand. They're just talented. The second is more complex. But basically, society has to agree with what you're doing, and at times, society almost put Nintendo out of business because they didn't want what Nintendo was creating. In that sense, Nintendo got lucky because without everyone suddenly wanting a Switch and their IPs again, there might not be a Nintendo anymore.